Fed, Markets Stay Flat

The Federal Reserve's Open Market Committee voted - for the 8th straight time - to leave the benchmark federal funds rate at 5.25%. The markets zigged and zagged after the 2:15 announcement, eventually settling close to the flatline. As went the Fed, so went the market. The two-day Fed meeting produced mostly yawns from the investment community, as expected.

Dow 13,422.28 -5.45; NASDAQ 2,608.37 +3.02; S&P 500 1,505.71 -0.63; NYSE Composite 9,865.77 +16.86

Market internals expressed the tepid tone. Advancing issues were ahead of decliners by a slim 5-4 margin while new highs rebounded over new lows, 264-105.

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The high-low see-saw is presaging a new round of buying, which should coincide with the release of second quarter earnings reports by mid-July.

Oil ticked up 60 cents to $69.57. Gold and silver made minor moves to the positive in a vain attempt to recover some of the massive losses over the past 3 weeks. Both metals are hovering around inflection price points, but the potential for an outright price collapse is high.

With the Fed meeting a fleeting memory, investors can focus more on economic reports and earnings, the real drivers in the market.

An aside on some picks and pans. Three that I called short, Yahoo, Ebay and Google, were all down marginally. Marvel Enterprises, my one pick to move upwards, gained 7 cents and was up 19 cents in after-hours trading.